It is activated for one hour and has a cooldown time of three hours. Also, as with all auras, if the account using it is logged out while the aura is activated, the timer will continue to run out.
Note: you can only buy this aura when you have the 'lesser' version, as it is an upgrade. Hence the price is 14,000 + 5,000 = 19,000 Loyalty points.
This aura is a great asset when woodcutting for profit because the chance of chopping is increased. Assuming that the chance of chopping is calculated per game tick, about every 0.6 seconds, this can represent a great increase in logs. When calculated, this can come out to at least one extra log every minute. With crowded trees such as magic trees that offer much competition, this can make making money by chopping logs that bit more effective. If skilling, the extra 5% speed can decrease the time it takes to reach a level by a theoretical amount of 5%, which could add up to many hours if chopping for extended periods of time.